Moore Stephens, the UK shipping advisory firm which recently advised shipowners to lobby for a new window to opt into the country's tonnage tax system, has further advice for shipping companies.
The Bahamas Maritime Authority will waive registration fees for new vessels for 1 year effective August 1 2010 and is reducing other registration fees by half as a response to current economic conditions.
In a time in which German shipowners are already displaying a preference toward flagging out, the German government is reducing subsidies for owners who register their ships nationally.
Moore Stephens advises that in light of forthcoming changes in UK corporate tax policy, shipowners request a new window of opportunity to elect into the country's tonnage tax system.
The Marshall Islands Registry discusses global issues such as UN Sanctions on Iran and how the Deepwater Horizon incident has affected their perception by others.
Despite the German government's commitment to industry-friendly policies, notably the tonnage tax program, shipowners are finding it more cost-effective to register their vessels with flags of convenience, particularly in the current market.
US-based shipowning firm Overseas Shipholding Group (OSG), a strong supporter of the national registry, has predicted increasing demand for US-flagged vessels over the next couple of years.
Norwegian tanker company Odfjell plans to flag five of its ships with the Norwegian International Shipping Register to show national support for the registry.
Singapore, Shanghai, and Hong Kong have developed into a triumvirate of Asian shipping power centers, each with different strengths to offer the market.
